Sell USD now within 108.75-108.57 | 09 July 2019

Technical observation

Yesterday USD did not rally downwards but instead rose to the zone 108.75-108.57 and closed with it. Right now I expect bearish momentum of USD towards the line 106.45 since it did not penetrate above the zone 108.75-108.57 and as long as it is contained below it only downwards movements can be expected. You can sell USD now within 108.75-108.57 with your take profit at 106.45, if this take profit is hit and there’s a clear breakout below it then more bearish rally towards 104.37 can be expected. Upwards movements of this pair may only be anticipated in case of a clear breach above 108.75-108.57 with a big green candle.

Trade recommendation

Sell USD now within 108.75-108.57 with your take profit at 106.45 and stop loss at 109.59.